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iragen [17]
3 years ago
14

Which of the following is true?

Social Studies
1 answer:
vichka [17]3 years ago
6 0

Answer:

The correct answer is <em>a. Over time, the output of goods and services can be increased through human ingenuity and discovery of better ways of doing things.</em>

Explanation:

If one studies the history of mankind, it is clear that man has managed to produce more and more goods and services despite the fact that natural resources were always practically constant.

The man went from being a hunter and gatherer to become sustained through agriculture and livestock, he went from using bone, wood or stone tools to start using metals.

At first, man understood the way iron works, then copper, bronze, silver and gold.

Combining techniques to develop new tools with different organizational methods, inventions of new products, commercial exchanges, artistic creations, etc. World production continued to grow more and more.

With the invention of the printing press, the development of science, globalization, the industrial revolution, the development of the steam engine, the internal combustion machine, electricity, aviation, telecommunications, computer science, the internet, the modern industrial production, etc. man continues to increase productivity.

The advancement of medicine, the increase in the quality of life of the population, the attainment of increasing levels of food has led to an increasing world population in recent times.

However, the available natural resources have always been the same: the mountains, the plains, the seas, the water basins, the energy sources, have not varied considerably since the appearance of man as a species until the industrial revolution and since the industrial revolution To this day they have not varied considerably.

This allows us to intuit or infer that in the future man will continue to discover more and more mechanisms of extraction of natural resources, perhaps colonize new planets, and continue with technological advancement at unpredictable levels and the cake will continue to be increasingly large.

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Metlock, Inc has the following balances in selected accounts on December 31, 2019

Accounts Receivable $ -0-

Accumulated Depreciation—Equipment -0-

Equipment 7,000

Interest Payable -0-

Notes Payable 9,800

Prepaid Insurance 2,820

Salaries Payable -0-

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3. Depreciation on the equipment for 2019 is $1,600.

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Answer:

1. Metlock Inc borrowed $9,800 by signing a 12%, one-year note on September 1, 2019

Dr Cash $9,800

Cr Notes Payable $9,800

2. A count of supplies on December 31, 2019, indicates that supplies of $860 are on hand.

Dr Supplies Expense $1,590

Cr Supplies $1,590

3. Depreciation on the equipment for 2019 is $1,600.

Dr Depreciation Expense--Equipment $1,600

Cr Accumulated Depreciation--Equipment $1,600

4. Metlock Inc paid $2,820 for 12 months of insurance coverage on June 1, 2019.

$2,820 x 7/12 = $1,645

Dr Insurance Expense $1,645

Cr Prepaid Insurance $1,645

5. On December 1, 2019, Metlock Inc collected $36,000 for consulting services to be performed from December 1, 2019, through March 31, 2020.

$36,000 / 4 months = $9,000 per month

Dr Unearned Consulting Revenue $9,000

Cr Consulting Fees $9,000

6. Metlock Inc performed consulting services for a client in December 2019. The client will be billed $4,300.

Dr Accounts Receivable $4,300

Cr Consulting Fees $4,300

7. Metlock, Inc. pays its employees total salaries of $7,500 every Monday for the preceding 5-day week (Monday through Friday). On Monday, December 29, employees were paid for the week ending December 26. All employees worked the last 3 days of 2019

$7,500 / 5 x 3 = $12,500

Dr Salaries Expense $12,500

Cr Salaries Payable $12,500

Explanation:

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